PPP Loan Data — Granite Tire & Alignment Inc, Salisbury, NC
Granite Tire & Alignment Inc is a corporation located at 328 Crowell Ln in Salisbury, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Farmers & Merchants Bank
Granite Tire & Alignment Inc in Salisbury, NC received a Paycheck Protection Loan of $25,000 through Farmers & Merchants Bank, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Granite Tire & Alignment Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Granite Tire & Alignment Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Granite Tire & Alignment Inc in Salisbury, NC
328 Crowell Ln
Salisbury, NC 28146
NAICS code 441320
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Salisbury
In the Salisbury area, 4 businesses in the "Tire Dealers" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 3) and received an average PPP loan of $54,777 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Cardinal Tire, LLC
Used Tire Center LLC
Industry PPP Comparison Statistics
Nationwide, 8,434 businesses in the "Tire Dealers" industry received a total of $776.34M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 10 employees, 233% higher than Granite Tire & Alignment Inc's reported 3 employees, and received an average PPP loan of $92,049, 268% higher than this company's loan of $25,000.
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Footnotes & Information
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